CREA DOWN ON HOME SALES FOR THIS YEAR AND NEXT

Dec 14, 2017

By Bob Komsic

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The group representing real estate agents across Canada is not smiling as it gazes into its crystal ball.
The Canadian Real Estate Association is revising its home sales forecast for 2018 downward due to the anticipated impact of new mortgage rules that come into effect in January.
CREA is also downgrading projections for 2017.
The association now expects national sales this year to decline by 4%, due to weak activity in Ontario after the province announced measures in April to cool the market, and fall more than 5% next year.
The group says research shows the anticipated drop in sales across the country will mean a $1.1-billion loss in economic activity.
It predicts the national average prices will drop by 1.4% next year.
CREA’s forecast for Ontario is the weakest for any province next year in percentage decrease in sales and average prices.
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